2024 (7) TMI 1719

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e : Shri Shubham Rathi-AR. For the Revenue : Shri Sourabh Nayak-Addl.CIT (DR). ORDER PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by Revenue against the order of ld. Commissioner of Income Tax (Appeal), Pune-12 passed under section 250 of the Income tax Act, dated 29.01.2024 for the A.Y. 2019-20. The assessee has raised the following grounds of appeal : "1. Whether on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....into excess stock found and failed to produce supporting purchase bill or other relevant documentary evidences. 4. The appellant craves leave to add. alter, modify. delete, and amend any of the grounds, as per the circumstances of the cases." 2. We have heard both the parties and perused the records. Findings &Analysis : 3. Assessee is a Trader, trading in Gold and Silver Ornamen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Rs. 3,23,26,520/-. The AO held that excess stock needs to be taxed u/sec. 69B r.w.s 115BBE of the Act. Aggrieved by the same, assessee filed appeal before the ld. CIT(A). Ld. CIT (A) gave a categorical finding in para 3.14 and 3.15 that the excess stock was assessee's business stock and it was out of assessee's business income. Revenue has not brought on record any evidence to rebut the....